Singaporeans will be able to take better charge of their financial well-being through new initiatives rolled out by MoneySense, Singapore's national financial education programme.
The new initiatives include a free online Financial Health Check tool and enhanced guidance services at key government touchpoints such as HDB and CPF Board to help Singaporeans make the right financial decisions at key milestones in their lives. A series of roadshows will be organised in the heartlands where Singaporeans can learn how to improve their financial health.
Launched by Minister for Education and Monetary Authority of Singapore (MAS) board member Ong Ye Kung, the new MoneySense campaign encourages the public to proactively find out if their finances are in good shape. It also aims to build a strong foundation in financial skills in young Singaporeans studying in the polytechnics and the Institute of Technical Education (ITE).
New MoneySense initiatives
Only 3 in 5 Singapore residents have started planning for their future financial needs
A Financial Planning Attitudes Survey commissioned by the MoneySense Council (chaired by MAS and the Ministry of Manpower) found that only 3 in 5 Singapore residents have started planning for their future financial needs. Those who have not done so felt that it was still early to start, did not know where or how to start, or did not think they had enough money to start. This finding was common across respondents from all ages.
To equip Singaporeans with the knowledge and skills to plan and manage their finances effectively, new initiatives will be implemented under the MoneySense programme:
i. An online Financial Health Check tool on a refreshed MoneySense website to help Singaporeans assess their financial health, identify gaps, and take steps to plug these gaps
The Financial Health Check questionnaire, now available on the MoneySense website, enables Singaporeans to assess their financial health in the areas of money management, insurance, investment, as well as retirement and estate planning.
Customised recommendations will be provided to help them address the gaps identified. For example, Singaporeans who want to improve their savings habits can take part in the Pledge to Stash initiative. Pledge to Stash is a commitment to themselves to save before they spend, by setting up a recurring transfer to automatically save into a dedicated savings account every month.
Singaporeans will also be able to able to access “starter packs” on the refreshed MoneySense website to work on identified weak areas to improve their financial health.
ii. A financial education curriculum to equip our youth with a strong foundation in financial skills
A financial education curriculum will be rolled out to all polytechnic and ITE Year 1 students in 2019, following a successful pilot earlier this year. Feedback from students and lecturers was positive, with students agreeing that the module on saving, budgeting, and understanding their financial personality had encouraged them to take steps to form better financial habits.
Additional financial education curriculum modules will be piloted with selected Year 2 and 3 students over the next few years, to help make them more savvy financial consumers. They will help the students understand how insurance, investment, and national schemes (e.g. CPF) can help to meet their financial needs when they step out into the workforce.
iii. Enhanced services at key government touchpoints to help Singaporeans better understand their options and make the right financial decisions at key life milestones
HDB will provide more information for home buyers and owners to consider different home loan financing and repayment options to help them save on interest payments.
CPF Board has strengthened its existing Retirement Planning Service to help CPF members who are turning 55 years old to understand various options to unlock the value of their HDB flats for retirement. These are one-on-one sessions aimed at helping CPF members understand the CPF schemes and to plan ahead.
MoneySense annual campaign and roadshows
The MoneySense annual financial education campaign will run from Nov 2018 to Feb 2019. The focus is of this year’s campaign is to encourage Singaporeans to take the MoneySense Financial Health Check, as a first step to improving their financial health.
Visitors to the MoneySense roadshows island-wide will find out how to put to action their Financial Health Check recommendations and learn about the various aspects of financial planning.
Complimentary one-to-one financial health clinics are also available for those who would like more detailed discussions on their Financial Health Check recommendations. The roadshows bring together various government and industry partners, to create a one-stop touchpoint for all aspects of financial planning.
Timing: 11am - 6pm
8-9 Dec 2018: HDB Hub, Toa Payoh
12-13 Jan 2019: Canopy@J-Link, Jurong East
26 – 27 Jan 2019: Kampung Admiralty
Young Singaporeans studying in the polytechnics and ITE will also be able to participate in activations at their institutions, and take the Financial Health Check specially customised for students. These youth-focused activities will support the full roll-out of the financial education curriculum to all polytechnic and ITE Year 1 students in 2019.
Recommended:
Millennials less financially literate than general population
Are consumers financially literate enough to navigate online information?
Malaysia: Are Gen-Ys ready for retirement?
Connect with Asia Advisers Network on Facebook, LinkedIn, and YouTube.